Thursday, November 20, 2008

Karachi stocks remain unchanged

The Karachi stock market remained motionless on Wednesday as falling international markets on global crises and tight monetary policy were the source of continuing foreign disinterest in the local market, analysts said.The Karachi Stock Exchange (KSE) 100-share index remained unchanged for the third consecutive trading session by closing at 9,184.09 points. The KSE 30 index and KMI 30 index also remained at 9,981.93 points and 10,003.99 points respectively.
The market turnover gained 4.21 percent and traded 0.182 million shares as compared to 0.19 million shares traded in the previous session. The overall market capitalisation remained unchanged at Rs 2.826 trillion. Out of 13 companies, four closed in the positive zone, four in negative while five remained unchanged. Analysts at Aziz Fida Hussein and Company said while the preparations were underway to register a louder protest as reported by the media against the extended and unjustified freezing, the unconfirmed news was the chances of a regular market from December 1 with optimistic views regarding the availability of ‘market support fund’ and ‘special session’ before regular opening, the news however failed to get an official backing.Chances that the likely development is being withheld till materialisation could not be ruled out even if the news is only to keep the sensation of the bourses alive. The statement did force the likely protesters to review their date of protest against the closure beyond December 1.
With the passing days number of participants in the off market transactions have increased, as even those who had some reservations regarding the legality of the off market transactions have joined the band wagon as evident from the underlines through NCCPL system.Analyst at Shahzad Chamdia Securities said dull activity persisted, as the market participants remained concerned over the expected bailout plan of Rs 50 billion.National Assets was the volume leader in the share market with 0.107 million shares as it closed at 42 paisas after opening at 44 paisas losing two paisas. Gharibwal Cement traded 0.34 million shares as it closed at Rs 17 after opening at Rs 16.38 making a financial gain of 62 paisas. Mukhtar Textile traded 0.17 million shares as it closed at 53 paisas after opening at 55 paisas losing two paisas. Habib -ADM Ltd traded 0.11 million shares as it closed at Rs 9.70 after opening at Rs 9.69 gaining one paisa. UDL Mod traded 0.5 million shares as it closed at Rs 3.06 after opening at Rs 3.25 losing 19 paisas.No trading activity was observed in the futures turnover.

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